A team of Sadis attorneys led by partner Paul J. Marino represented Bitfarms in a $20 million strategic debt financing which was provided by New York-based Dominion Capital and will be made available in four $5 million tranches tied to the ongoing satisfaction of customary covenants and various milestones, including Bitfarms’ infrastructure build-out and associated mining hardware purchases.
Sadis’s deal team consisted of Marino and Robert Cromwell. Peterson McVicar and Blake, Cassels & Graydon served as Canadian legal counsel to Bitfarms. Dentons served as legal counsel to Dominion.
“The transaction required a great deal of sophistication and understanding of both the credit and cryptocurrency space, and our team, led by Robert, did a great job,” said Marino.
“We were proud to offer Bitfarms the highest level of service and support as they expand their business,” said Cromwell.
Bitfarms is one of the largest blockchain technology companies in the world through its ownership of Backbone Hosting Solutions, building innovative and efficient infrastructure to support the decentralized financial economy. The loan Financing will help to fund Bitfarms’ ongoing operational expansion.